The most I think it can get you is 30, and this would need to be a nice job and good ceiling height. 

My goal is to find a property that rents well and offers decent appreciation.I've narrowed my search to the following Sacramento area neighborhoods: Citrus Heights, Carmichael, Fair Oaks, Orangevale, and Roseville.

Quote from @Byram Heights: The condo rental market in Stamford SUCKS if you are a landlord.

On top of that the tall ceiling height on the 1st floor presented a great open floor plan concept.

However, that requires us to dig down the basement floor to meet the ceiling height requirement (it's got the egresses and 2 exits already), and I think that can easily cost us $100-120k.

If you time this well, and develop mid-late Recovery phase, your projects should be coming online right at the height of the demand depending on the market.

The garden unit is nice, finished, has a kitchen, and 2 bedrooms+1 bathroom, 2 egresses, stairs connecting it to the unit above as well as an exit to the outside but ceiling height is 6'5". 

Cleveland was hammered in 2008 and prices are getting back up (in some areas) where they were at in the early 2000's (Shaker Heights, Cleveland Heights etc.)Other pockets in the city that were historically distressed are now seen as areas to collect cash flow as investors are renting them out via long term as the cities rental population is nearly 3/4's of the population.

@Erin Spradlin the biggest issue with a murphy is the wall space and height, you have it or you don't.

Investment Info:Single-family residence fix & flip investment in Capitol Heights.